Must be zoned for Real Estate office, city or occupational license is required. Additional locations must be registered if you advertise the public to go there, call you there, you keep permanent records there.

Term

Brokerage office

Definition

All active brokers are required to have an office and it be registered with DBPR.

Term

Office signs

Definition

Sign required for office that is easily observable and must contain: Trade Name, Brokers Name, "Lic. Real Estate Broker". Also called "Statutory sign"

Term

Advertising

Definition

All advertising must be worded so that reasonable people will know that they are dealing with a real estate licensee.

Term

Blind Advertisement

Definition

Advertisements that fail to disclose the license name of the brokerage firm.

Term

Internet sites

Definition

Name of the brokerage firm must appear adjacent to or immediate above or below the point of contact information.

Term

Point of Contact information

Definition

Any means by which to contact the brokerage firm or individual licensee including mailing addresses, street address, email address, telephone number.

Term

Telephone Solicitation

Definition

Initiation of a phone call for the purpose of encouraging the purchase of, or investment in, property, goods, services. Calls from 8am -9pm only. Violators of the do not call registry $10,000 per call. Can solicite previous business relationships up to 18 months after business concluded.

Term

Deposit

Definition

Earnest money or some other valuable consideration given as evidence of good faith to accompany an offer to purchase or rent.

Term

Earnest Money

Definition

A type of money that a broker may handle for others in the ordinary course of business; also referred to as good faith deposit or binder deposit.

Term

Escrow account

Definition

Account in a bank, title company, credit union, savings association, or trust company used solely for safekeeping customer funds and not for deposit of personal funds. Impond account or trust account.

Term

"Immediately" defined in regards to escrow deposits for sales assoc..

Definition

The end of the next business day.

Term

"Immediately" defined in regards to escrow deposits for brokers.

Definition

end of the third business day including when 1st received by Sales Assoc..

Term

"Immediately" defined in regards to post dated checks

Definition

Broker waits until post-date, then 3 days and deposit.

Term

3 accepatable escrow depositories

Definition

Florida commercial bank, credit union, savings association.

Term

How many days for written verification when a deposit is placed with a title company or attorney?

Definition

10 days

Term

How much personal or brokerage funds money can a broker keep in an escrow account?

Definition

$1,000

Term

How much personal or brokerage fund monies can a broker keep in there property management escrow account ?

Definition

$5,000

Term

Commingle

Definition

To mix together money or a deposit with personal funds; combine; intermingle.

Term

Conflicting Demands

Definition

When different parties each make claims that are inconsistent with one another.

Term

How many days associated with conflicting demand for broker.

Definition

The broker must notify the FREC, in writing within 15 days of receiving the conflicting demands unless specifically exempted. Broker must institute one of the four settlement procedures within 30 business days from the time the broker received the conflicting demands

Term

What are the 4 settlement procedures?

Definition

Mediation, Arbitration, Litigation, Escrow Disbursement Order (MALE)

Term

Mediation

Definition

The act of having a third party attempt to reconcile a dispute between two parties.

Term

Arbitration

Definition

The act of having a third party render a binding decision in a dispute between two parties.

Term

Litigation

Definition

lawsuit; case before a court of law.

Term

Escrow Disbursement Order(EDO)

Definition

A course of action for determining the disposition of a contested deposit. Only if funds are in a brokerage escrow account.

Term

What are the three exceptions to the notice and settlement procedures for sales escrow accounts?

Unsure as to which party should receive the escrowed property. Notify FREC writing 15 days, institute settlement procedure within 30 days(business)

Term

False Advertisements or outdated lists are what violation of law?

Definition

first degree misdemeanor/fine up to $1,000/or imprisonment for 1 year.

Term

Brokers Commision / Anti trust laws

Definition

Price fixing(conspiracy to raise commissions), Boycott, Tying or making no open choices available for the customer.

Term

Sole Proprietorships

Definition

Dealing as an individual in business; business owned by one person.

Term

general partnership

Definition

Association of two or more persons for the purpose of jointly conducting a business.

Term

Requirements for a Real Estate brokerage general partnership.

Definition

Must register name with DBPR, One member must be a licensed broker, partners who deal with public and perform real estate services must be licensed as brokers, Sales assoc. and Broker assoc. can not be general partners(straight broker can be, not a broker assoc., sales assoc. can be a stockholder)

Term

Limited Partnerships

Definition

A business entity consisting of one or more general partners and one or more limited partners. Limited partners must make an investment of cash or of property, but not services.

Term

Real Estate Limited Partnership Brokerage requirements

Definition

Must register name with DBPR, General partners who deal with public must be licensed as active brokers, one general partner must be licensed as broker, General partners must register with DBPR for ID purposes, Sales assoc. and brokers may not be general partners, they can be limited partners, limited partners need not register with the DBPR.

Term

Ostensible partnership

Definition

(Quasi partnership) One or more parties cause a third party to be deceived into believing that a business relationship exists when no such arrangement exists.

Term

Limited Liability Partnership

Definition

A business entity that features protection from personal liability but with fewer legal restrictions compared with other business entities.

Term

Corporations

Definition

An artificial or fictitious person formed to conduct specified business activities. Limited liability.

Term

Requirements for real estate corporation brokerage.

Definition

Must register corp. name with DBPR, One director or officer must be licensed as an active broker, Active or inactive brokers and unlicensed people may serve as officers and directors, unless they deal with the public and perform real estate services, All unlicensed officers and directors must register with the DBPR, Inactive brokers and unlicensed can perform managerial functions, Sales Assoc. and Broker Assoc. may NOT be an officer or director but can be shareholders.

Term

Non profit corporations

Definition

Same as corporation.

Term

Limited Liability Company(LLC)

Definition

An alternative hybrid business entity with the combined characteristics and benefits of both limited partnerships and S corporations.

Term

Corporation Sole

Definition

Church or ecclesiastical organization.

Term

joint Venture

Definition

Temporary form of business arrangement often encountered in real estate, two or parties form to complete a business transaction

Term

Business trust

Definition

form of business entity that may be formed to engage in transactions involving its own real property.

Term

Cooperative association

Definition

permitted to conduct commercial business and to convey sell or buy its own property but it cannot be registered as a real estate broker.

Term

Unincorporated Associations

Definition

generally recognized as groups of people associated for some noncommercial common purpose.